Plug Power Inc (PLUG)

[krays]

Plug Power chair, CEO buy 210K shares

The Business Review
Wednesday, March 24, 2010, 12:22pm EDT
(Albany) - by Pam Allen
The chairman and the CEO of Latham, N.Y.-based Plug Power Inc. have purchased a combined 210,146 shares of Plug Power common stocks.

George McNamee, chairman of the board of directors, bought 160,146 shares for $97,689; CEO Andy Marsh bought 50,000 shares for $29,710.

McNamee now owns 461,854 shares of Plug’s (Nasdaq: PLUG) common stock and has an option to purchase an additional 415,000 shares; Marsh now owns 184,651 shares and has an option to buy 400,000 additional shares.

Marsh said his investment reflects his long-term confidence in the fuel-cell company. His goal for the company in 2010 is revenue in the mid-$40 million to low-$50 million range. Plug had revenue of $12.3 million in 2009 and $17.9 million in 2008.

The company this year plans to dramatically increase shipments of two of its hydrogen-powered fuel cells, Marsh said. Those products are GenDrive, used in fork lifts and other industrial warehouse equipment, and GenSys, a continuously operating power system used for telecommunications operations in remote locations.

“I believe we are well positioned for growth and are on a path to achieving profitability in 2012,” Marsh said.

McNamee has invested in Plug Power since the company was founded in 1997.

“It’s exciting to see this technology and these products finally becoming commercially viable,” McNamee said.

The company has spent more than $500 million to develop its fuel-cell technology and has run in the red since its inception.

Plug reported a net loss of $12.1 million, or 9 cents a share, for the fourth quarter of 2009. That was considerably less than the net loss of $64.3 million, or 69 cents a share, in the year-ago quarter, when the fuel-cell developer recorded a goodwill impairment charge of $45.8 million.

For all of 2009, Plug Power had a net loss of $40.7 million, or 32 cents a share, on revenue of $12.3 million. That compared to the 2008 net loss of $121.7 million, or $1.36 a share, including the fourth quarter impairment charge, on revenue of $17.9 million.

The last time the company’s stocks traded above $1 was in October 2009. Plug can lose its listing on the Nasdaq if the company’s common stock price does not close at or above $1 a share—the minimum closing price required by Nasdaq—for at least 10 consecutive trading days. In December, Nasdaq notified the fuel-cell developer that its stock had not topped $1 per share for at least 30 straight business days. Plug Power has until June 7 to regain compliance with Nasdaq’s minimum closing stock prices.

Stock was trading Wednesday at about 70 cents, up 5 cents from Tuesday’s closing price.

http://www.bizjournals.com/albany/stories/2010/03/22/daily19.html

http://www.secform4.com/insider-trading/1093691.htm